Etisalat Back on the Table to Discuss Pending $800 Million Dues of PTCL

Dubai based firm, in a bid to acquire the chunk of Pakistan Telecommunication Company limited, owes government of Pakistan a sum of $800 million. Incumbent government had postponed the action on the recovery of proceeds from Etisalat but now, after the delegation of UAE giant has met with Prime Minister Shahid Khaqan Abbasi regarding the matter of dues, so PML-N is pragmatic to claim that they are very hopeful that we will receive the remaining proceeds.

Etisalat wanted to back off from the bid when it gets the information that second lowest bid was $1.4 billion while it paid $2.6billion to acquire 26% stake in the PTCL plus, management control in July 2005.

These intentions pushed Privatization minister Abdul Hafeez Sheikh to create another strategy for Etisalat to retain them in the business by offering them to pay $1.4billion in the start and remaining amount in installments up to 2010. Also, it was assured that properties of PTCL will be transferred to Etisalat.

Later in September 2015, Pakistan told that it would not transfer the ownership of properties rather would make adjustments in the pending amount against the worth of 33 properties pledged for transfer.

After a span of two years, Etisalat is now on the table to discuss the matter and it will determine the values of properties and will finalize the process soon.